Nevada County picayune., 1887-10-13
ON PAPER MONEY.

\ ''I am sorry to see our loans be.
 gin at so exorbitaut an interest r And yet even al that, you will soon
 be at the bottom of the loan-bag We are an agricultural nation.
 Such an one employs it's sparings . in the purchase, or improvement
 of land or stocks. The lendable
 money among them. is chiefly that
 of orphans and wards, in the hands
 of executors and guardians. and
 that which the farmer lays by till he has enough for the purchase in
 view. In such a nation there is
 one and one only, resource for
 loans, sufficient to carry them through the expenses of a war; and
 that will always be sufficient, and , in the power of an honest govern.
 ment, punctual in the preserva- ton oflts faith. The fund 1 mean, is the mass of circulating coin.
 Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ban
 ishes a silver one from the circu- 7 latiOn. A nation, therefore, mak
 ing it's purchases and payments with bills fitted for circulation,
 thrusts an equal sum of coin out
 of circulation" "-Jefferson'S works,
 Vol. VI, P. 139.
 ''In this way, l am not without
 hope. that this great, this sole re.
 source for loans in an agricultural country, might yet be recovered
 for the use of the nation during war; and, if obtained in perpetu, um, it would always be sufficient
 to carry us through any war; pro-
 vided, that in the interval between
 war and war, all the outstanding f paper should be called in, coin be permitted to flow in again, and to
 hold the field of circulation until another war should require it's yielding place again to the national medium" ."-Jefferson's works, Vol. VI, P. Al.
 Bank paper must be suppress. ed, and the circulating medium
 must be restored to the nation to
 whom 1t belongs. # k the onIy : fund upon rhieh they con rely FOR
 LOANS; it is the only resource which can never fail them, and il is an abundant cue for every nee. essary purpose. Tredsury bills. bOttOmed on tdres, bearing or not r bearing interest, as may be found necessary, thrown into circulation
 will take the place of so much gold
 and silver, which last, when crow ded. will find an efflux into other countries, and thus keep the quan-
 tum of medium at its saIutary lev
 el."-Jeffersons works, Y. 6, D. 109 We are now without any medi um; and necessity, as well as patri otism and confidence will make us : eager to receive treasury notes, il founded On specific tdTes."-Jefler
 sons works, Vol. VI, P. 3S2.
 "But Congress could then have issued treasury notes, payable
 within fixed period, and founded
 on a specific tax, the proceeds ol
 which, as they come in, should be
 exchangeable for the notes of that
 particular emission only.'-Jefter.
 sons works, Vol. VI, F. 3S2.
 "Treasury notes of small as well , as high denomination, bottomed
 on a tax which would redeem them
 in ten years, would place at OuI
 disposal the whole circulating me- dium of the United States: fund
 of credit sufficient to carry us through any probable length oI war. ."-Jefferson's works, Vol. VI P. 419. ....
 "ln both cases, the truth IS, that
 capital may be produced by indus try, and accumulated by economy;
 but juggiers only propose to create . it by legerdemain tricks with pa. per. "-Jefferson's works, Y. 6, D 24l ] "There is indeed convenince , in paper; it's easy transmission
 from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading togeth CT balance their dealings, fol
 the most part, by their mutual sup plies, and the debtor individuals of either may, instead of cash, re 3 init the bills of those who are cred itOrs in the same dealings; or may f obtain them through some thirC
 place with which both have deal ings. The cases would be rare l where such bills could not be Ob ) tained either directly or circuit
 ously, and too unimportant to tn,
 nation to overweight the train O
 evils flowing from paper circula e tiOn.-JeffersOn's works, V. 6, D 237
 "And it is for this petty addition to the capi ! tai of the nation, th, minimum of one dollar ' added to one hundred and thirty three ant I a third, or three fourths per cent. that WI
 are to give up our gold and silver medium - Its intrinsic solidity, it's universal value. ant !, its saving'powcrs in time of war; and to sub
 stitute for it paper. with all its train of evils 6 moral, political and physical. which l vii , not pretend to enumerate. .'--.Jefierson' works, Vol. VI, P. 236.
 ''The bankruptcies in London, have re